KUALA LUMPUR: Crude palm oil futures closed sharply lower yesterday on concerns of high level of CPO stocks, dealers said.
“Prices also came under pressure from Indonesia’s decision to lower its export tax for crude palm oil from 13.5 per cent to nine per cent,” a dealer said.
Meanwhile, November 2012 lost RM34 to RM2,370 a tonne, December 2012 shed RM40 to RM2,427, January 2012 fell RM41 to RM2,496 and February 2013 dwindled RM38 to RM2,541 a tonne.
Turnover fell to 28,333 lots from 33,160 lots while open interest fell to 159,286 from 160,614 contracts previously.
On the physical market, November South fell to RM2,380from RM2,410 a tonne on Thursday.
Source : Business Times
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